Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
NRF Revises Holiday 2018 Retail Sales Downward
Despite initial reports to the contrary, the National Retail Federation said economic uncertainty weakened holiday spending.

Washington—Despite initial reports to the contrary, the National Retail Federation said economic uncertainty resulted in lower-than-expected retail sales over the 2018 holiday season.
According to the group, sales increased 2.9 percent over 2017 to total $707.5 billion, falling short of its original expectations of a 4.3 to 4.8 percent increase, or $717.5 to $720.9 billion.
“Today’s numbers are truly a surprise and in contradiction to the consumer spending trends we were seeing, especially after such strong October and November spending,” NRF Chief Economist Jack Kleinhenz said.
“The combination of financial market volatility, the government shutdown and trade tensions created a trifecta of anxiety and uncertainty impacting spending and might also have misaligned the seasonal adjustment factors used in reporting data. This is an incomplete story, and we will be in a better position to judge the reliability of the results when the government revises its 2018 data in the coming months.”
The NRF bases its predictions on data from the U.S. Census Bureau.
Earlier this month, the NRF predicted retail sales will increase 4 percent in 2019, citing the bureau’s reports through November 2018, plus its own predictions for the month of December, as the bureau’s figures for the month were delayed due to the government shutdown.
At the time, the NRF said that threats of a trade war, a volatile stock market and the shutdown hadn’t had too much of an effect on spending, though these revised holiday figures point to the contrary.
“All signs during the holidays seemed to show that consumers remained confident about the economy,” NRF President and CEO Matthew Shay said.
“However, it appears that worries over the trade war and turmoil in the stock markets impacted consumer behavior more than we expected. There’s also a question of whether the government shutdown and resulting delay in collecting data might have made the results less reliable. It’s very disappointing that clearly avoidable actions by the government influenced consumer confidence and unnecessarily depressed December retail sales.”
Total online and other non-store sales for the holidays were $146.8 billion, up 11.5 percent over 2017. NRF had originally predicted an 11 to 15 percent increase, totaling between $151.6 and $157 billion.
While November 2018 sales were up 5.1 percent year-over-year, December 2018 sales only increased 0.9 percent and were down 1.5 percent when seasonally adjusted from November.
These figures exclude auto dealers, gas stations and restaurants.
The Latest

The new store in the upscale Iguatemi São Paulo mall is the storied brand’s first flagship in Brazil.

The pieces span from the Art Deco period to the 1970s and will go up for auction at the Paris Jewels sale later this month.

The Grammy-winning singer-songwriter, who is set to perform at Coachella this month, also debuted a curated selection from the brand.


GIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.

The introductions include the Land-Dweller, Rolex’s first new model since 2012, as well as several new dials for its classic timepieces.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Cowlishaw earned a degree in horology after serving in World War II, working at one of the first Zales stores in Tulsa, Oklahoma.

Bonhams will offer the “Kat Florence Lumina” at its May 22 jewelry auction.

In March 2022, the men went into a jewelry store in Beverly Hills and smashed the display cases with sledgehammers and crowbars.

The 51 unique watches from Sotheby’s three-day sale and immersive exhibition all found buyers, with the top lot selling for $229,955.

The company has acquired Australian jewelry insurance provider Jewellers Loop.

Beau Lotto’s immersive presentation will be a blend of neuroscience, art, and entertainment.

A pink topaz Belle Époque pendant-brooch and a Victorian Egyptian Revival choker were also highlights at a recent Anderson & Garland sale.

The event, which will co-locate with the Monterey Bay Jade Festival, will bring education sessions focused on jade to the United States.

The charm is a celebration of springtime as April showers bring May flowers with the piece’s cluster of diamond raindrops.

The 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.

Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.

The multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.

The virtual event will take place April 7 at 3 p.m.

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

The educational event will take place in Charlotte, North Carolina, this May.

The independent jeweler first opened its doors in 1888.